Quote:
Originally Posted by Regorium
There's no benefit to claiming your rental income other than the fact that it's the law. The reason being there's almost no chance that your rental income is lower than your expenses related to the rental. So you'll have extra income that you'll pay tax on.
If you want to do a cash only under the table thing with your tenant that's your prerogative.
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And even if expenses somehow exceed rental revenue, I don't think you can write the loss off against other revenue like job wages. Could be wrong though. Again, paging Locke.